What is the difference between Market Value, Assessed Value and Taxable Value?
Assessed Value – Assuming you have homestead exemption, the assessed value is the value limited from increasing to no more than the 3% cap or the amount of increase in the consumer price index (CPI), whichever is lower. If you do not have homestead exemption, the assessed value is limited from increasing to no more than 10% (the limitation does not apply to the value applicable for school taxes).
Taxable Value – is assessed value less any exemptions and/or classification.
Why are the taxes shown for last year different from what I paid?
The amount shown on your notice is for taxes based on your property value. It does not include taxes for roads, special assessments, garbage, etc. that are not based on your property value. It also does not include Tax Collector early payment discount up to 4%.
I have not received my Notice of Proposed Property Taxes yet?
If you purchased your property after mid-July, the notice may have been mailed to the previous owner. If requested, we will send a duplicate notice to your attention. However, if it is not a recent sale, we can verify or correct the mailing address in our records.
Why do I pay more taxes than my next door neighbor when we have the same house?
Your neighbor may have qualified for the Save Our Homes benefit in an earlier year or you may not have homestead exemption. Non-homestead properties are not eligible for the cap.
Can my Notice of Proposed Property Taxes be sent to a different address?
Yes, we can send a duplicate Notice of Proposed Property Taxes to a different address. This written request must indicate whether this is a permanent address change or just an address to send the duplicate notice.
What is the deadline to file a petition?
The deadline date to file a petition is noted at the bottom of the Proposed Property Tax Notice. If you have received a revised proposed notice, the deadline is extended an additional 25 days and the new deadline is listed at the bottom of your revised notice.
Homestead exemption related questions:
I bought this property last year and the taxes skyrocketed from what the sellers were paying. Why?
When a property with homestead exemption is sold, Florida law requires that the following year the homestead exemption and cap be removed, and the property is re-assessed to equal its market value. The buyer should not rely on the seller’s current property taxes as the amount of property taxes that the buyer may be obligated to pay in the year subsequent to purchase. A change of ownership triggers reassessment of the property that could result in higher property taxes.
What were the cap percentages in the past?
- 1995 2.7%
- 1996 2.5%
- 1997 3.0%
- 1998 1.7%
- 1999 1.6%
- 2000 2.7%
- 2001 3.0%
- 2002 1.6%
- 2003 2.4%
- 2004 1.9%
- 2005 3.0%
- 2006 3.0%
- 2007 2.5%
- 2008 3.0%
- 2009 0.1%
- 2010 2.7%
- 2011 1.5%
- 2012 3.0%
- 2013 1.7%
- 2014 1.5%
Why did my taxes increase by more than the 3% cap?
The cap applies only to the assessed value, not to property taxes.
Why did my market value decrease/or not change, but my assessed value increase?
Although your market value may have decreased or stayed the same, if it does not go down as low as your assessed value, your assessed value will continue to increase at the cap rate for that year until it reaches market value.
I applied for homestead exemption this year and I see that it has been deducted on my Notice of Proposed Property Taxes. But, my home value went up more than the allowed percentage. Why?
- This is your first homestead year on this property. The first year you receive your homestead exemption is your “base year, and the assessed value will be the same as the market value. The year after you first receive homestead exemption will be the first year the assessed value is capped, or limited from increasing. For example, if you have a new homestead exemption for 2009, your assessed value will not be capped or limited from increasing until 2010.
- You had some new construction which is valued at market the first year. Then the following year, it will be capped also.
- The 10% cap applies to portions of multi-use or multi-family properties that are not homestead. For example, if you own a duplex, live in one half and rent the other, the 3% cap will only apply to the portion of the property you occupy as your homestead and the 10% cap applies to the remainder.
- If the property is owned as “tenants in common”, and not all the owners qualify for homestead, then the cap will only apply to the portion of the value that is owned by the applicant. If the applicant owns 50% of the property, then only 50% of the value will cap.
I applied for homestead exemption this year but it does not appear on my notice?
Depending on the date you filed for homestead exemption, you may have pre-filed for next year.
If I move, will my homestead exemption go with me?
No, by law, homestead exemptions are not transferable. When you move, you must reapply for the homestead exemption on your new residence. However, please read our information on Portability, under the "Homestead & Exemptions" tab and how you can transfer your previous assessment differentials to your new property when you file your new homestead application on your new property.
Can I still file for homestead exemption for this year if I missed the filing deadline?
The deadline to file for homestead exemption is March 1st of the current tax year. However, you may late file with a petition to the Value Adjustment Board for extenuating circumstances.
If I tear down my house to rebuild, will I get to keep my homestead exemption and cap?
The following procedure will be used for those properties with homestead exemption that are gutted, under major remodel or torn down as of January 1 of tax year:
- Each property will be reviewed individually for eligibility to maintain homestead exemption and cap benefits.
- Owner cannot have a residency based exemption anywhere else.
- There must be some portion of the structure in place as of January 1 of tax year, because there cannot be a homestead exemption on vacant land.
- For each tax year that the improvement remains under construction, it is the responsibility of the owner to contact our office and let us know the status of the construction as of January 1 of tax year.
- Owner must show due diligence in completing the home construction. The construction time should be similar to other homes of that quality, size and amenities.
- Each owner will be required to sign an Affidavit of Intent.
- The land portion of value will continue to cap as long as the other criteria are met. On January 1 of tax year, we will inspect the property and determine the value of the improvements that are complete, and that value will go on at full market the first year and cap each subsequent year after that.
Tangible personal property related questions:
If I do not own the building in which I conduct my business, why did I receive a Notice of Proposed Property Taxes?
The Notice of Proposed Property Taxes is for your business assets, not the land and building which your business resides. The real estate owner received a Notice of Proposed Property Taxes for the land and building.